Home Loans

• Options for no down payment available. 
  
• Borrowers may accept gift funds to make down payments and cover closing costs.
• Private Mortgage Insurance (PMI) waiver options are available.
• IMCU will provide fully underwritten loan pre-approvals to make it easier for first-time buyers to submit bids.
• Specialty mortgage options like the Welcome Home100.

• Minimum credit score of 620 and positive rent payment history required.
• Borrower's income must be 80% or less than the area median income (AMI) of the borrower's property's location.
  
• Low down payments available - funds can come from savings, gifts, or grants. 
• Reduced mortgage insurance premiums which may eventually be canceled.¹
• Financing available for both new purchases and loan refinancing.²
• Lender credit may be available up to $2,500 with qualification restrictions.³

Private Mortgage Insurance Waiver Features

• One-time closing process allows you to sign off on construction loan and permanent financing at the same time.
• Interest-only payments for the first 12 months.
• Easy builder review process.¹
• Loan for building material and labor.
• Funds released in time for each phase of the construction process.
  
• Down payment as low as 5%.

Land Lot Loan Features¹

• For single-unit dwellings only.
• Minimum 5% down payment for credit scores of 720 and above.
• Minimum 25% down payment for credit scores of 680 and up.

• Minimum of 20% down payment for credit score of 700 and above.
• Six-month cash reserves required.

• Loans for dwellings of 1 to 4 units.
• Minimum of 25% down payment for credit scores of 700 and above.
• Six-month cash reserves required.

• For single-family homes – minimum 20% down payment, minimum credit score of 660, and maximum debt-to income ratio of 45%.
• For 2- to 4-unit residences – minimum 25% down payment, minimum credit score of 660 and maximum debt-to-income ratio of 45%.

• For 1 unit – minimum 25% down payment, minimum credit score of 660 and maximum debt-to-income ratio of 45%.

• For 1 unit – minimum 25% down payment, minimum credit score of 660 and maximum debt-to-income ratio of 45%.
• For 2- to 4-unit properties – minimum 30% down payment, minimum credit score of 660, and maximum debt-to income ratio of 45%.

• Allows you to make a non-contingent offer on your new home by using the equity in your current home.
• Provides funds for down payment and closing costs.
• Allows you to consolidate debt on existing mortgage.
• Bridge loan is secured by your existing home.
• Bridge loan gets paid off when you sell your home.

Equal Access Loan Features

• Flexible loan terms available.
• Stable, predictable monthly payments.
• Long-term protection from rising interest rates.
• Good choice if you plan to stay in your next home for a long period.

• Initial rates are usually lower than those for fixed-rate mortgages.
• After introductory period ends, rates may be adjusted.  
• Rate caps limit the size of any rate increase in one year and over life of the loan.
• ARMs can be refinanced to fixed-rate loan at any time.
• May help you afford "more home" than a fixed rate loan.
• A good choice if you expect your household income to increase in the future or you plan to move again before the introductory period ends.
  

• Fixed-rate and adjustable-rate loans available.
• ARM products include 3/3 ARM and 5/5 ARM.¹
• Borrow up to 95% of home's value with credit score of at least 740.
• Borrow up to 90% of home's value with credit score of at least 680.
• Cash-out refinancing available.